Arika Resources Limited (ASX: ARI) has announced encouraging results from its Phase 2 Reverse Circulation (RC) drilling program at the Pennyweight Point Prospect, part of the Yundamindra Gold JV Project in Western Australia. The latest assays reveal significant strike and depth extensions of the mineralized zone. New step-out drill results have extended the strike length of the mineralised zone at Pennyweight Point to over 350m and to a vertical depth of at least 180m below surface. Standout intercepts include 29m @ 1.35g/t Au from 81m (YMRC085), featuring 11m @ 3.51g/t Au from 89m and 1m @ 21.6g/t Au, 1.2% Cu, 10.2g/t Ag from 94m, and 42m @ 0.53g/t Au from 54m (YMRC0086), including 3m @ 4.51g/t Au from 81m.
The Phase 2 program comprised 19 RC holes for a total of 2,232m and aimed to test for strike and depth extensions to the interpreted Pennyweight Point ore hosting structure. Most holes intersected thick zones of gold mineralisation and/or gold anomalism. Gold mineralisation at Pennyweight Point has now been defined over a strike length of ~350m and to a vertical depth of ~180m below surface. Importantly, the main mineralised zone remains open along strike, down-plunge and at depth.
Arika’s Managing Director, Justin Barton, expressed optimism about the potential for a multi-million ounce gold system at Yundamindra, noting that drilling has confirmed significant strike and depth extensions of the known mineralisation. The mineralisation at Pennyweight Point is associated with two major faults trending NNE-SSW which extend for at least 4.5km along strike. The system remains open in all directions. Results from drilling at the Landed at Last and Queen of the May prospects are pending, with drilling planned to re-commence shortly to follow-up latest results and begin testing new targets.
The company also awaits assay results from drilling at the Landed at Last and Queen of the May prospects, with further drilling planned to commence shortly. A detailed review of geophysical data at Pennyweight Point is in progress to provide detail on the key structures in the area. RC drilling is planned to re-commence at Yundamindra in the coming weeks.